EQM Midstream Partners 10-K2015 FY Annual report

Filed: 11 Feb 16, 12:00am

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Exhibit 12.1

EQT MIDSTREAM PARTNERS, LP

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES⁽¹⁾



		Year Ended December 31,
		2015			2014			2013			2012			2011
	(Thousands)
Earnings:
Income before income taxes		$	400,153		$	298,205		$	244,364		$	155,884		$	99,834
Minus: equity income of unconsolidated entities		(2,367		)	—			—			—			—
Plus: Fixed charges		51,041			33,242			2,530			5,226			6,248
Minus: Capitalized interest		(4,546		)	(1,886		)	(442		)	(1,858		)	(758		)
Total earnings		$	444,281		$	329,561		$	246,452		$	159,252		$	105,324

Fixed charges:
Interest expense, excluding capital lease interest expense		$	22,436		$	10,968		$	829		$	2,944		$	5,050
Interest expense, capital lease		23,225			19,888			843			—			—
Plus: Capitalized interest		4,546			1,886			442			1,858			758
Plus: Estimated interest component of rental expense		834			500			416			424			440
Total fixed charges		$	51,041		$	33,242		$	2,530		$	5,226		$	6,248

Ratio of earnings to fixed charges		8.7x			9.9x			97.4x			30.5x			16.9x

(1)

Earnings included in the calculation of this ratio consist of (i) income before income taxes, minus (ii) equity income of unconsolidated entities, plus (iii) fixed charges and minus (iv) capitalized interest (including allowance for borrowed funds used during construction). Fixed charges included in the calculation of this ratio consist of (i) interest expense, plus (ii) capitalized interest (including allowance for borrowed funds used during construction) and (iii) the estimated interest portion of rental expense.